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Actual qty import different from declared in custom form

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Actual qty import different from declared in custom form

Post by siewvincent on Mon May 18, 2015 5:21 pm

Dear Joseph,
I hope you can help me with this problem.
We import through agent whereby the GST 6% was paid as follows to RMC as follows : -
24MT x USD208.13 x 3.7144 = RM18,553.87 x 6% RM1,113.23
(The qty 24 MT was provisional when the item was declared at custom)

Later, we received an invoice from our supplier for actual qty of 22.07MT
How do we account for input tax for the difference in qty received to RMC as follows?

(24 - 22.07) MT x USD208.13 x 3.7144 = RM1,492.04 x 6% = RM89.52

If possible let me know which tax code I can assign to the difference?

Regards,
SiewCW

siewvincent

Posts : 2
Join date : 2015-05-15

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Re: Actual qty import different from declared in custom form

Post by joseph on Mon May 18, 2015 6:05 pm

If Customs refund you the extra GST, then reverse the accounting entries for the 24MT using the difference in MT.

If Customs did not refund you the extra GST they collected, then no need to record the difference.

_________________


DISCLAIMER:
Any opinion expressed is strictly my personal view based on my understanding and interpretation of the GST Act 2014, Regulations, Orders, DG's Panel Decisions and Customs' Guides. You should seek advice from experts and/or the Customs Dept if the subject matter is significant to your business.

joseph

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Join date : 2014-09-25

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